Bank Systems & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Management Strategies

10:50 AM
Connect Directly

Parseq Directors Approve Takeover Bid

The U.K. online banking software vendor backs a proposal by CEO Rami Cassis to take ownership control of the company.

The board of directors for U.K.-based Parseq, an online banking software specialist and provider of financial sector outsourcing services, have backed a takeover bid from a group led by the company's CEO, Rami Cassis.

The takeover offer, for 33.8 million pounds, from Cassis and his partners Nova Capital HarbourVest Partners was accepted by the tech vendor's independent directors Richard Last, Phillip Blundell, Clive Richards and Simon Rubin. Cassis already owns 35.5 percent of Parseq.

"As a private company with a strong parent, Parseq will benefit from greater access to funding which will better enable the company to maintain its leading position in the mobile banking software arena and to capitalise on opportunities on a global basis," said Last in a prepared statement.

Parseq was created last year after the reverse takeover of Intelligent Environments by Documetric, which was founded in 2007 by Cassis through the management buyout of the data services bureau of IT outsourcer Atos Origin.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

Register for Bank Systems & Technology Newsletters
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.